The amount of money needed to buy a second housing in Spain increased by 16% between 2016 and 2021. For the period from 2020 to 2021, the increase reached 2%.
Such data are provided by the Fotocasa real estate web portal in the reaserch «Budget for the purchase of housing in Spain 2021».
So, in 2016, Spaniards had to save up to an average of 132,000 euros to purchase housing from the secondary market with an area of 80 square meters. The price per square meter was about 1,650 euros.
Five years later, in 2021, the average price of residential real estate on the secondary market has already risen to 152 500 euros. A square meter cost about 1,900 euros.
The level of the required amount to pay the first installment has also increased: from less than 40,000 euros in 2016 to about 45,800 euros in 2021.
Maria Matos, Head of Research and press secretary at Fotocasa points out: «The efforts that citizens have to make to afford the purchase of real estate have increased to the same extent as the price of housing over the same period. Thus, the buyer found in a situation where for a large sum the buyer can buy what he could have bought five years ago, but cheaper».
The Balearic and Canary Islands, as well as Madrid, are the areas where the necessary budget for buying a property has grown
If we consider the increase in budgets over the past five years for autonomous communities, then the Balearic Islands, Madrid and the Canary Islands are the regions where such an increase was most noticeable: by 45%, 38% and 29%.
At the same time, among Spaniards, Madrid residents spend the largest amounts of money on real estate. A square meter of residential real estate for them will cost more than 3,100 euros, the first installment will require about 75,000 euros — 30% of the final cost of the property.
Despite the fact that the Balearic Islands are leading in terms of price changes, it is in second place in terms of average cost, which exceeded 69,300 euros at a price of about 2,900 euros per square meter.
The Balearic Islands are followed by Baskonia, where the average cost of housing exceeds 69,100 euros at a cost per square meter of 2,880 euros.